Ten Network Holdings Limited (ASX:TEN) has swung to a $12.9 million loss in the full year to the end of August, from a profit of $14 million the year before.
CEO James Warburton says the result is disappointing and Ten management is focused on turning things around through improved ratings, revenue and cost management.
Mr Warburton concedes the media company is operating in a challenging market with competitive conditions that have affected its revenue performance.
Despite this, he believes Ten has responded and secured significant cost savings as well as a reduction of debt via successful capital raising.
Ten says many of its core programs have performed well, underpinning its confidence that performance will improve.
The company will not pay a final dividend to shareholders.
TEN Price at posting:
26.5¢ Sentiment: None Disclosure: Held
